ING drops variable home loan rates to new lows

By Tom Watson ·
man-in-orange-skivvy-looking-at-phone-and-smiling

ING has reduced the interest rates on two of its most popular home loans by 10 basis points in a move which takes the online lender’s owner-occupier variable rates to new lows.

Coming into effect today, ING cut the rates on both its Mortgage Simplifier and Orange Advantage (Package) products by 10 basis points, leaving the lowest rates currently available on the loans at:

  • Mortgage Simplifier: 2.45% (2.48% comparison rate*)
  • Orange Advantage (Package): 2.50% (2.85% comparison rate*)

This is the third rate cut to both loans in recent months, with the latest change further cementing ING’s status among the most competitive lenders on the market in general. The rates also rank among the lowest available from a bank.

To put ING’s new rates into perspective, the average variable home loan rate in the Mozo database as of September is 3.36%.

The bank is also offering even lower fixed rates to owner-occupiers. As it currently stands, ING’s Fixed Rate Loan has a 2-year fixed rate of just 2.19% (3.79% comparison rate*) and a 3-year fixed rate of 2.34% (3.67% comparison rate*).

For more information about some of ING’s variable and fixed home loan offers, check out the mini reviews below.

Mortgage Simplifier
Promoted
  • Variable rates from 2.45% (2.48% p.a. comparison rate*)
  • Zero ongoing service fee
  • Free extra repayments allowed

The ING Mortgage Simplifier lives up to its name, with competitive low variable rates from 2.45% (2.48% p.a. comparison rate*) and relatively few fees. While there is a $299 settlement fee to consider, borrowers won’t need to worry about budgeting for any other upfront fees or a yearly service fee. ING even allows borrowers to make extra repayments towards their loan (for free), and to withdraw them should the need arise via the redraw facility.

Orange Advantage
Promoted
  • Rates from 2.50% (2.85% comparison rate*)
  • 100% offset account
  • No application fee

While the Orange Advantage home loan comes with one of the lowest variable package rates around, starting from 2.50% (2.85% comparison rate*), the loan also offers much more! Borrowers will have access to a 100% offset account, as well as extra repayments and a redraw facility, and they’ll even be able to chip away at their loan balance using ING’s roundup tool via a linked Orange Everyday bank account. And while there’s no application fee, there is a $299 settlement fee to consider, plus a $299 annual service fee.

Fixed Rate Loan
Promoted
  • 2-year fixed rate of 2.19% (3.79% comparison rate*)
  • Borrow from $50k - $2 million
  • No annual service fee

Looking to lock in your rate? ING haven’t left fixed home loan customers wanting, with rates as low as 2.19% (3.79% comparison rate*) for 2 years with their Fixed Rate Loan, as well as  competitive rates for 3, 4 and 5 year terms. There is no ongoing service fee to factor in, plus borrowers will be able to make up to $10,000 per year in extra repayments towards the loan. Just bear in mind the higher 4.10% revert rate you’ll be rolled on to at the end of the fixed rate period.

Want to see how ING’s home loan offers stack up against the competition? Head on over to Mozo’s handy home loan comparison table to compare offers from a range of different lenders side-by-side on everything from interest rates to fees and features.

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Tom Watson
Tom Watson
Finance journalist

Tom Watson is a financial journalist at Mozo, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney.